Features of QuickBooks Online Payments in 2024

QuickBooks Online Payments is a robust payment processor that makes it easy for QuickBooks Online users to accept payments. It provides flexible payment processing features, including the ability to add payment buttons or links to invoices and accept payments through ACH transfers, credit or debit cards, PayPal, and Venmo. 

In this article, we’ll discuss the key features of QuicKBooks Online Payments and how these features benefit your business and your clients. 

Payment Link

QuickBooks Payments expedites payment processing by allowing users to add payment links to their invoices. Businesses can create highly customizable and professional invoices in QuickBooks Online, and customers can make payments directly from these invoices by clicking the link. Customers receive the invoice via email or text, and upon clicking the payment link, they are directed to a secure payment page, where they can conveniently process their payments. 

Payment link in a QuickBooks Online invoice (Source: QuickBooks)

Flexible Payment Processing

QuickBooks Online Payments accepts all payment types, including ACH bank transfers, credit and debit cards, PayPal, Venmo, Visa, and Near Field Communication (NFC) payments, like Google Pay and Apple Pay. Additionally, QuickBooks Online Payments enables you to accept remote payments is supported by many business tools to manage and track your funds. Meanwhile, QuickBooks Payments’ mobile app, QuickBooks GoPayment, lets you accept in-person, card, and check payments from your mobile devices using a card reader.

Learn more about processing payments through QuickBooks Online Payments.

Increased ACH Transaction Cap 

Previously, customers using QuickBooks Payments for ACH transactions were restricted to a $50,000 cap per individual transaction. This improvement eliminates the need for merchants to split bills or initiate multiple ACH payments for larger sums. Eligible merchants can now seamlessly process single ACH transactions of up to $100,000. 

For businesses involved in industries or transactions that often surpass the previous cap, the increased limit supports more efficient operations. This is particularly beneficial for businesses dealing with high-value clients, vendors, or financial transactions on a regular basis. However, note that this is a cap increase, and it doesn’t necessarily mean that all your transactions below $100,000 will be approved.

Mobile App – QuickBooks GoPayment

QuickBooks GoPayment is a free mobile app that allows businesses to process payments on the go. Whether keying in card details on a mobile device or using a mobile card reader for in-person transactions, this app offers flexibility for many businesses. For remote transactions, businesses can simply key in customer card details directly into the app. What’s more, you can now pay, tip, and transact without sharing your mobile device using the new QuickBooks Card Reader. 

New QuickBooks Card Reader (Source: QuickBooks)

QuickBooks Checking Integration

Historically, card transactions would take two to three business days to deposit, and even longer for ACH payments. Now, with QuickBooks Checking, businesses can now benefit from instant deposits, giving them quicker access to their revenue. Through QuickBooks Checking, you can now send money from your QuickBooks Payments account into your bank account within less than 30 minutes – for FREE.

Recurring Billing 

QuickBooks Online Payments offers a recurring billing feature that is useful for businesses that offer subscription-based services, memberships, or any product or service with a recurring billing cycle. With this feature, QuickBooks Online automatically creates a bill and executes the scheduled charges at the predefined intervals. This ensures that customers are billed automatically without the need to manually create bills every month. 

Explore the benefits of recurring billing for small businesses.

Wrap Up

QuickBooks OnlinePayments comes with a lot of useful features that make it easy to accept payments from customers. From setting up a Pay Now button in your invoices, integrating QuickBooks Checking for instant deposits, and automating recurring billing, QuickBooks Payments is a crucial tool for most businesses seeking a proactive approach to financial management.